Recharge Releases "2023 in Review: The Year of the Routine" Insights Report

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Feb 06, 2024, 11:00 ET

From the #1 subscription platform's State of Subscription Commerce 2024 series, the report uncovers benchmark data and trends for the fastest-growing DTC brands

SANTA MONICA, Calif., Feb. 6, 2024 /PRNewswire/ -- Recharge, the #1 subscription platform, today announced the release of its report "2023 in Review: The Year of the Routine." Report findings show that as subscription commerce continues to grow, the brands seeing the greatest success are the ones that embed themselves into customers' daily lives. Subscribers and brands continue to crave ways to build and maintain relationships, not just through subscriptions but through a holistic retention strategy.

"Our whole business strategy is predicated on the idea that brands' long-term relationships with existing customers are critical to overall success," said Oisin O'Connor, Recharge co-founder and CEO. "That was as clear as it's ever been in 2023, with merchants achieving success by making their products an essential part of their subscribers' lifestyles. At Recharge, we've worked to find ways to make the subscriber journey even more seamless, and to help merchants create opportunities to deepen and expand those relationships."

"Looking at the data from 2023, we saw a clear theme emerge: brands who sold products integral to daily routines excelled," said Jen Gray, Recharge's SVP, Marketing. "Those brands understand the importance routines have in consumers' lives – the emotions of a routine, how to stay a part of a buyer's routine – which is why we felt it fitting to call 2023 the Year of the Routine."

Highlights from Recharge's 2023 in Review report include:

A banner year for daily routines & self-care: The brands with products essential to daily routines and self-care saw monumental growth, with merchants in the Beauty & Personal Care industry clocking an 82 percent gain in monthly recurring revenue (MRR) in 2023.
Home Goods growth slows: The Home Goods and Pets vertical faced headwinds after seeing a boost in consumer spending during COVID-19, with average order value just keeping pace with inflation in 2023.
Mid-sized brands saw big gains: Mid-sized brands, those with 1,000 to 49,999 subscribers, saw strong growth across the board, with reduced churn and increases in MRR, customer lifetime value (LTV), and average order value (AOV).

More detailed analysis, benchmarks, and insights can be found in the report here.

About Recharge
Recharge is simplifying retention and growth for innovative ecommerce brands. As the #1 subscription platform, Recharge is dedicated to empowering brands to easily set up and manage subscriptions, create dynamic experiences at every customer touchpoint, and continuously evaluate business performance. Powering everything from no-code customer portals, personalized offers, and dynamic bundles, Recharge helps merchants seamlessly manage, grow, and delight their subscribers while reducing operating costs and churn. Today, Recharge powers more than 20,000 merchants serving 90 million subscribers, including brands such as Blueland, Hello Bello, LOLA, Verve Coffee Roasters, and Bobbie. For more information, visit https://rechargepayments.com/

SOURCE Recharge Inc.